Entry to record this dividend declaration includes credit

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Reference no: EM13866631

Trinity Manufacturing declared a 10% stock dividend when it had 150,000 shares of $3 par value common stock outstanding. The market price per common share was $11 per share when the dividend was declared. The entry to record this dividend declaration includes a credit to:

Paid-in Capital in Excess of Par - CS for $120,000.

Retained Earnings for $45,000.

Common Stock Dividends Distributable for $180,000.

Common Stock for $45,000.

Reference no: EM13866631

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